Perforating Gun Market Size and Growth Rate:
Size of the Perforating Gun market Size was capitalized at USD XX Million in 2018. The Perforating Gun Market is expected to exceed USD XX million by 2023 and grow at a compound annual rate of XX% from 2018 to 2023.
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Perforating Gun Market Growth Drivers and Restraints:
Growing adoption of perforating gun for production of oil and gas is a key factor expected to drive the growth of the global market over the forecast period. Moreover, rising government initiative for exploration of shale gas, and production of oil and gas is another factor expected to fuel the growth of the target market over the projected period. However, the growing complexity of reservoir conditions, which in turn boost demand for perforating gun and is expected to further propel the growth of the world market.
In addition, stringent rules and regulations regarding the use of new explosives may hamper demand for perforating gun and restrain the growth of the market over the coming years. Moreover, the declining number of newly drilled wells and inclination towards renewable energy source are other factors expected to hamper the growth of the market.
The continuing growth observed in the global perforating gun market is due to the increasing adoption of perforating gun for exploration of oil and gas to increase the efficiency of horizontal drilling and multi-stage hydraulic fracturing technologies, which in turn support growth of the global market during the forecast period. Increasing demand for perforation of old wells and advances in perforation technology are expected to create a lucrative opportunity for players operating in the world perforating gun market in the coming years.
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Perforating Gun Market Regional Analysis:
In term of regional analysis, the perforating gun market in North America is expected to hold the largest share in terms of revenue and volume, and is expected to witness the fastest growth in the global market over the forecast period. This regional growth can be attributed to the increasing investment in oil & gas sector in countries, mainly in the US region. The perforating gun market in the Asia Pacific is estimated to register significant growth in terms of revenue during for foreseen period. The Europe market is expected to register moderate growth in terms of revenue in the coming years. Europe was followed by the Asia Pacific region in 2017. The growth of the perforating gun market is driven by the increase in average good depth over the years.
Prominent Companies in the Global Perforating Gun Market analyzed in the report are:
- Baker Hughes - a GE Co.
- Schlumberger Ltd.
- Weatherford International Ltd.
- Yellow Jacket (G&H Diversified Manufacturing, LP.)
- DYNAenergetics GmbH & Co KG
- National Oilwell Varco Inc.
- Halliburton Company
- Hunting PLC.
Perforating Gun Market Segmentation
By Carrier Type
- Hollow Carrier
- Expendable Shaped Charge Gun
By Explosive Type
- RDX (Cyclotrimethylene Trinitramine)
- HMX (Cyclotetramethylene Trinitramine)
- HNS (Hexanitrosilbene)
By Well Type
- Horizontal & Deviated Well
- Vertical Well
By Geographical Segmentation
- North America
- Latin America
- Middle East & Africa
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